Maplebear Inc. $CART Stake Raised by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC increased its position in Maplebear Inc. by 1.6%, owning a total of 846,497 shares valued at approximately $33.77 million by the end of the most recent reporting period.
• Several hedge funds, including Vanguard Group Inc. and Victory Capital Management Inc., significantly increased their holdings in Maplebear during the first quarter, indicating strong institutional interest.
• Maplebear recently reported earnings per share of $0.41 for the quarter, surpassing estimates, alongside a notable revenue increase of 11.1% year-over-year, totaling $914 million.

Lord Abbett & CO. LLC lifted its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 846,497 shares of the company's stock after buying an additional 13,387 shares during the period. Lord Abbett & CO. LLC owned approximately 0.32% of Maplebear worth $33,767,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Envestnet Asset Management Inc. raised its stake in Maplebear by 35.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 13,628 shares of the company's stock valued at $564,000 after acquiring an additional 3,532 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Maplebear during the fourth quarter valued at $3,861,000. Sterling Capital Management LLC increased its holdings in shares of Maplebear by 125.3% during the fourth quarter. Sterling Capital Management LLC now owns 14,780 shares of the company's stock valued at $612,000 after purchasing an additional 8,220 shares during the period. Townsquare Capital LLC bought a new stake in shares of Maplebear during the fourth quarter valued at about $343,000. Finally, Barclays PLC lifted its holdings in Maplebear by 60.3% in the fourth quarter. Barclays PLC now owns 123,391 shares of the company's stock worth $5,111,000 after purchasing an additional 46,413 shares during the period. 63.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CART shares. Morgan Stanley increased their target price on shares of Maplebear from $45.00 to $48.00 and gave the company an "equal weight" rating in a research report on Friday, August 15th. Benchmark raised shares of Maplebear from a "hold" rating to a "buy" rating and set a $67.00 price target for the company in a research note on Friday, August 8th. Loop Capital raised their price objective on shares of Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Needham & Company LLC boosted their target price on Maplebear from $56.00 to $66.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Finally, Robert W. Baird increased their price target on Maplebear from $47.00 to $52.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.46.

Insider Buying and Selling at Maplebear

In related news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the stock in a transaction on Friday, July 25th. The stock was sold at an average price of $47.75, for a total value of $232,268,988.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Levien Meredith A. Kopit sold 4,225 shares of Maplebear stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $47.45, for a total transaction of $200,476.25. Following the completion of the transaction, the director directly owned 20,829 shares in the company, valued at approximately $988,336.05. This trade represents a 16.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,975,327 shares of company stock valued at $237,736,848 over the last 90 days. 26.00% of the stock is owned by insiders.

Maplebear Stock Down 2.1%

NASDAQ:CART traded down $0.99 during trading hours on Wednesday, reaching $45.51. 4,321,021 shares of the company's stock were exchanged, compared to its average volume of 5,452,813. The company has a market capitalization of $11.99 billion, a P/E ratio of 26.31, a price-to-earnings-growth ratio of 1.56 and a beta of 1.21. Maplebear Inc. has a 12 month low of $33.06 and a 12 month high of $53.50. The business's 50-day simple moving average is $46.87 and its two-hundred day simple moving average is $44.69.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The company had revenue of $914.00 million for the quarter, compared to analysts' expectations of $896.55 million. During the same quarter in the prior year, the company earned $0.20 earnings per share. The firm's revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Maplebear Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.